Ghana Inflation scales New Peak as it seeks IMF Bailout

Consumer inflation in Ghana accelerated to 29.8 percent annually in June from 27.6 percent in May, official data showed on Wednesday, shattering another record while the West African nation talks to the International Monetary Fund (IMF) for support.

Inflation last hit 29 percent in January 2004.

In a report on Wednesday, the country’s statistics agency said June prices were driven higher by items such as fuel and bread, with prices of imported goods rising more than domestically produced ones for the third month in a row.

Transport, which includes fuel, registered the highest price growth at 41.6 percent. Diesel saw 99.7 percent year-on-year inflation while petrol prices were up 69.4 percent.

Housing, which includes water, electricity and gas, saw a 38.4 percent increase and food inflation rose to 30.7 percent. Bread prices were up 44.5 percent.

Hundreds took to the streets of Ghana’s capital Accra last month to protest against high inflation, weak growth and a plummeting local currency. Days later, four of Ghana’s largest teachers’ unions said they would strike if their wages were not increased in tandem with rising prices.

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